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Icapital KKR Private Markets Fund Executive Summary

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Icapital KKR Private Markets Fund Executive Summary iCapital KKR Private Markets Fund Executive Summary • Collaboration between iCapital and KKR to offer accredited investors innovative access to a diversified portfolio of private equity investments sponsored or advised by KKR or an affiliate of KKR via the iCapital KKR Private Markets Fund (“iKF”) • iKF seeks to allocate to secondary and co-investment opportunities, as well as primary fund commitments – with diversification across geographies, sectors, and vintage years o iKF‘s current portfolio also provides diversification across 19 underlying GPs, 62 underlying funds, and 394 underlying investments • iKF aims to deliver attractive returns with less volatility than public equities o iKF has delivered strong risk-adjusted returns since inception • Established in 1976, KKR is a global investment firm with industry-leading investment experience and $252 billion in AUM o At least 80% of iKF’s assets are expected to be invested in private equity investments sponsored or advised by KKR or an affiliate of KKR • iKF currently expects to focus on 4 key investment themes: Digital Age, Health & Wellness, Rise of the Global Millennial & Middle Class, and Corporate Carve-outs • Structural benefits of iKF include: o $25,000 investment minimum o A single investment (no capital calls) that provides immediate exposure to private equity o Continuous offering with monthly subscriptions o Enhanced liquidity relative to direct private equity funds o Monthly NAV pricing o 1099 tax reporting Diversification does not ensure profit or protect against loss in a positive or declining market. There is no guarantee that any investment will achieve its objectives, generate profits or avoid losses. Past performance is no guarantee of future results. An investment in private equity is speculative and involve substantial risks. Liquidity in any given quarter is not guaranteed. KKR owns economically less than 25% of iCapital Registered Fund Adviser (the "Adviser") and iCapital owns economically more than 75% of the Adviser and is solely responsible for management and day to day operations of the Adviser. KKR has no control over or voting interests in the Adviser, including no representation on any investment committee or equivalent body or any input into the investment advice provided by the Adviser. KKR personnel have no role in the Adviser’s investment process. KKR is neither a sponsor, promoter, advisor nor affiliate of iKF. Please see the Fund's prospectus and the Important Information section at the end of the Presentation for more information. iCapital Network | KKR 2 Why Private Equity 3 Number of U.S. Public Companies Has Been Steadily Declining Universe has dropped in half over the past 20+ years1 Universe of Private Companies is Vastly Larger U.S. private companies vs. public companies with annual revenues over $100 million2 1 For illustrative purposes only. Source: The World Bank, as of Q2 2020. 2 For illustrative purposes only. Source: Hamilton Lane, as of April 2018. iCapital Network | KKR 4 These Benefits Have Historically Led to Outperformance1 1 For illustrative purposes only. Source: Preqin, as of June 2020. Past performance is not indicative of future results. An investment in private equity is speculative and involves substantial risks. Past performance is not necessarily indicative of future results. It is possible that investors may lose some or all of their investment. The referenced indices are shown for general market comparisons and are not meant to represent any particular investment. Please see the Important Information section at the end of this presentation for further information about the data and indices and the risks of private equity investments. iCapital Network | KKR 5 The Opportunity in Private Equity Private and public manager dispersion based on returns over a 10-year window Sources: Lipper, NCREIF, Cambridge Associates, HFRI, J.P. Morgan Asset Management. Global equities (large cap) and global bonds dispersion are based on the world large stock and world bond categories, respectively. Manager dispersion is based on: 3Q 2010 – 3Q 2020 annual returns for global equities, global bonds, U.S. core real estate and hedge funds. U.S non-core real estate, global private equity and U.S. venture capital are represented by the 10year horizon internal rate of return (IRR) ending 2Q 2020. Data is based on availability as of November 30, 2020. An investment in private equity is speculative and involves substantial risks. There is no guarantee that any investment will achieve its objectives, generate profits or avoid losses. Past performance is no guarantee of future results. iCapital Network | KKR 6 Examples of Private Equity Fund Structures Direct PE Fund Feeder Fund 40 Act Fund Investor Eligibility Mostly QP Mostly QP AI or QC Capital Calls Yes Yes No Minimums $5,000,000 $100,000 to $250,000 $25,000 and up Tax Reporting K-1 K-1 1099 Closed-end; Subscription Frequency Closed-end Closed-end often continuously offered on a monthly basis Limited; Liquidity None None up to 5% of NAV quarterly Note: Specifics vary by fund. iCapital Network | KKR 7 Introduction to KKR and iCapital 8 KKR Overview Established in 1976, KKR is a global investment firm with industry-leading investment experience and a strong culture committed to teamwork Multi-asset expertise 44 Years across private equity, real estate, of investment experience infrastructure, and credit $252B in client AUM 20 offices invested in the public ($103B) and on 4 continents serving local private markets ($149B) markets 1,600 employees $22B invested including 500+ investment alongside our clients from KKR professionals and employees in our own products1 1 Includes investments /commitments made by KKR’s balance sheet, KKR employees, KKR Capstone, and other affiliates. Investments made by current and former KKR employees and KKR Capstone are retained by those individuals personally. Includes unfunded commitments made by individuals. Note: All figures are as of December 31, 2020. KKR is neither a sponsor, promoter, advisor nor affiliate of the Fund. An affiliate of KKR owns economically less than 25% of the Adviser, and a wholly owned subsidiary of iCapital owns economically more than 75% of the Adviser. iCapital is solely responsible for the management and day to day operations of the Adviser and holds one hundred percent of its voting interests. KKR has no control over or voting interests in the Adviser, including no representation on any investment committee or equivalent body or any input into the investment advice provided by the Adviser. KKR personnel have no role in the Adviser's investment process. iCapital Network | KKR 9 KKR Private Equity . 44-year track record of private equity investing Leading Global . 360 transactions with approximately $650B of total enterprise value across 20 industries Franchise . Global team of 180 investment professionals in private equity across the US, Europe, and Asia; regionally focused and aligned by industry sector . Focus on where we believe the value of the business can be enhanced through our active involvement Distinctive Strategy . 243 professionals across KKR Capstone, Capital Markets, Global Macro and Asset Allocation, Public Affairs, Global Institute, Client and Partner Group and Senior Advisors for sourcing, diligence, and value creation . KKR is committed to the needs and goals of clients, while investing alongside to assure alignment of interest Aligned with Investors . KKR has invested or committed $22 billion1 to their own funds and portfolio companies and is one of the biggest investors in each of their funds 1 Includes investments/commitments made by KKR’s balance sheet, KKR employees, KKR Capstone, and other affiliates. Investments made by current and former KKR employees and KKR Capstone are retained by those individuals personally. Includes unfunded commitments made by individuals. Note: All figures are as of December 31, 2020. iCapital Network | KKR 10 Powering the World’s Alternative Investment Marketplace Who is iCapital? An award-winning1 combination of leading-edge technology and human expertise, providing advisors with: ACCESS EDUCATION SUPPORT Institutional-quality alternative Research, analysis, and Technology backed by investment offerings, structured consultation to demystify dedicated teams of professionals with low investment minimums alternative investments and their providing hands-on support over for high-net-worth investors role within client portfolios the lifetime of each investment Founded 2013 in NY, iCapital now consists of a highly experienced team of 340+ investment, operational and tech focused professionals2 across six global offices. In a partnership with a consortium of world-class strategic partners, iCapital offers investment solutions and develops technology-based services to transform the private capital industry. 1 See the Awards Disclosure in the Important Information section at the end of this presentation for detailed description of the awards and the and selection criteria. 2 Updated as of 12/31/20. "iCapital" refers to Institutional Capital Network, Inc. ("iCapital Network") and its affiliates, including iCapital Registered Fund Adviser LLC ("iCapital RF Adviser"), an indirect subsidiary of iCapital Network and the investment adviser to the Fund. iCapital Network | KKR 11 Strong Background in Performing Rigorous Due Diligence iCapital Team PHASE 1 Proprietary Data Sources Private 1 Assess the GP Universe Capital Placement Agents Institutional Investors PHASE 2 2 Initial Diligence PHASE
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